IHTM14055 - Investigating IHT100: excepted transfers
The taxpayer does not need to deliver an account of lifetime
transfers where
- the total value of their transfers in any financial year do not exceed £10,000
and
- the cumulative value of all transfers in the previous 10 years does not exceed £40,000.
Trustees of an interest in possession trust ( IHTM16061) do not have to deliver an account for terminations of a person’s beneficial interest where
- that person’s annual exemption ( IHTM14141)
or
are made available to the trustees.
This definition of excepted transfers came into force from 1
August 02. See SI2002/1731 (Statutory Instrument 2002 no. 1731)
